This insurance can be bought for various
civil, industrial and public utilityconstruction projects, including
the construction of roads, dams, bridges and harbors, to insure against all damages caused bynatural disastersor
accidents in the construction process. The insured party can be a proprietor, a
general contractor, a sub-contractor, a supervising engineer employed by the
proprietor, or any unit or individual closely related to the constructionprogram. The
construction all risks insurance has a pretty wide coverage of risks and
damages, which means that damages caused by accidents not listed in theinsurance policycan also be covered, especially for losses caused by the
following reasons:fire, explosion, thunder strike, air crash, andrescue actions such asfire fighting; tsunami, flood, tide water, fire, earthquake,
rainstorm, tempest, snow slide, ground avalanche, landslip, freeze-up, hail and
othernatural disasters; and theft androbbery. The third party
liability insurance covers the legal liability of the insured partyto
compensate the third party who suffers from injuries, death and property losses
in or near the construction site due to accidents in the construction site, and
litigation costs together with other costs thus caused that the insured party
agrees to pay in a written permission drafted beforehand. Generally speaking,
every policy holder additionally buys a third party liability insurance specificallydesigned
for constructionprograms.
Sample insurance: a building construction
project
Name of the project: construction of XX
commercial building in Beijing
Building construction all risks insurance (construction costs):
600,000,000 yuan
The insured amount of third party
liability insurance: 30,000,000 yuan
Location of the construction site: in the
Changyang District
Construction time (insurance duration):
from 1stMarch,2006
to 5thMay, 2008
Construction details (including the height, proportion of the
above-ground part and the underground part, and decoration): 4 floors under
ground (B1 for shopping, B2/3/4 for parking; 18 floors above ground with the 1stto the 6thfor shopping and the 6thto the18thas offices; exterior
surface covered by glass curtain wall; basic information about the topographical,
geomorphical and hydrological conditions of the construction site: located in
the plain, in a commercial district closed for construction, and other detailed
information to be included in the attachment.
For more information
about the building construction (installing) all risks insurance, please call
64638402 or 64638483.
